China’s manganese ore imports in November 2008
December 31, 2008
China imported 440,000 tons of manganese ore valued at 224.604 million US dollars in November 2008. The import in January-November reached 7,080,000 tons valued at 3,263.230 million US dollars, up 19.9 percent and 197.1 percent respectively year on year.
Following is a table showing the import from 2004 to November 2008, released by the General Administration of Customs:
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China to decide soon whether tolling is okay
December 30, 2008
CHINA is the world’s biggest metals consumer. Here is the news important for buying products directly or indirectly related with copper:
(XINHUA) : CHINA, the world’s biggest metals consumer, is close to deciding whether to allow tax-free imports of copper concentrate and primary aluminum for processing into export-bound products to boost industrial production.
The government should make a decision soon on whether to allow the practice, known as tolling, Wen Xianjun, vice president of China Nonferrous Metals Industry Association, said yesterday.
China has been restoring tax benefits for overseas metals sales to encourage exports, which fell for the first time in seven years last month, and to boost industrial production that grew at the weakest pace in almost a decade.
“This is to help Chinese metal processors maximize capacity at a time when the global slowdown has reduced demand,” Wen told Bloomberg News. China ended tolling for some metal raw materials last year in an effort to curb expansion in the energy-intensive and polluting sector.
Raw material imports under tolling trade would be exempt from export duties and value-added tax, Wang Qinhua, head of the markets and trade department of the association, said. Exports of finished goods, which for the pending decision means refined copper and aluminum products, would still be subject to both taxes, Wang said. “Metal processors want the practice back, feeling such production isn’t energy-consuming and is often labor-intensive, which helps employment at this difficult time,” she said.
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Chinese chrome ore import declines in November of 2008
December 30, 2008
China imported 324,648 tonnes of chrome ore in November of 2008, around 50% down compared to the same month of last year.
South Africa was the biggest exporter of chrome ore to China at 95,000 tonne decreased by 65.1% from last month.
Turkey occupied 55,000 tonnes dropped a lot by 52.2%. In addition, Oman occupied 60,000 tonnes, Australia 33,000 tonnes, Philippines 31,000 tonnes and India occupied 18,000 tonnes.
No tag for this post. Related Posts:Export tax rebates increased for machinery products
December 29, 2008
 Just today we have underlined totally 3-phase the tax rebate hikes put into effect phase by phase. Very same day, the forth phase of tax rebate increases has been published.
The new 4th phase adjustments covering machinery products. Here is the news: BEIJING, Dec. 29 (Xinhua) — China will increase the export tax rebates for some machinery products as of Jan. 1, 2009, in a bid to alleviate cost burdens on exporters, the country’s taxation watchdogs said Monday. The rebate hikes will involve 553 types of high-tech and high value-added mechanical and electrical products, the Ministry of Finance (MOF) and the State Administration of Taxation announced. Export tax rebate rates for industrial robots and inertial navigation systems for aviation use will be increased to 17 percent, from 13 percent and 14 percent respectively. The rebate rates for exported motorcycles and sewing machines will rise to 14 percent. Their current rebate rates stand at 11 percent and 13 percent respectively. “The move will help ease the sufferings of Chinese exporters and boost the country’s confidence in fighting the financial crisis,” the MOF said in a statement. It was China’s fourth rebate hike on exported products this year, and one of several government’s measures to counter the global economic downturn that has dampened foreign demand. The most recent increase took effect on Dec.1, covering 3,770 items of labor-intensive, mechanical and electrical products, or 27.9 percent of the country’s total exports. The previous two rebates were made in August and November. Official data showed China’s November exports declined year-on-year by 2.2 percent to 115 billion U.S. dollars, the first monthly decline since June 2001. Before that, export growth slowed from 21.5 percent in September to 19.2 percent in October. China levies value-added tax on most products, but refunds varying amounts of that tax on goods that are exported. The government usually adjusts the size of export tax rebates for different types of goods when it is trying to encourage or discourage growth in particular industries. |
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Attention to VAT Rebate Changes!
December 29, 2008
We want to redraw attention to the newly adjusted VAT rabates again. Because a total of 3,770 items, in the third export tax rebate increase this year, is put into affect in December.
The items involved include labor-intensive, mechanical and electrical products.
So those buying from China is better to learn whether there is a change for their products. Buyers can decrease their buying prices if there is are tax rebate increase on their items. Because, an export rebate increase means a decrease in the manufacturer’s total costs.
Rises in tax rebate rates varied among different items. For example, the rate on tires was raised from 5 to 9 percent while glassware was up 5 to 11 percent. Rates on labor-intensive products such as luggage, shoes and umbrellas were elevated from 11 to 13 percent.
The 3,770 items accounted for 27.9 percent of the country’s total exports.
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